| 1 |

Milan, 23rd March 2011

Full Year Results Presentation

| 2 |

ChairmanFedele Confalonieri

| 3 |

MEDIASET GROUP | P&L Consolidated Results

Net Consolidated Revenues

Operating Profit

Net Profit

Dividend per Share (Euro)

Payout

3,882.9

601.5

272.4

0.22

92%

2009(Euro ml.)

4,292.5

815.5

352.2

0.35

113%

2010

| 4 |

MEDIASET ITALIAN BUSINESS | P&L Results

Net Consolidated Revenues

Operating Profit

Net Profit

3,228.8

478.7

269.0

2009(Euro ml.)

3,438.3

596.1

350.1

2010

| 5 |

TELECINCO | P&L Results

Net Consolidated Revenues

Operating Profit

Net Profit

656.3

122.8

48.4

2009(Euro ml.)

855.1

219.4

70.5

2010

| 6 | | 6 |

Executive ChairmanPier Silvio Berlusconi

| 7 |

2009

+10.5%

3,882.9

4,292.5

2010

MEDIASET GROUP | Total consolidated revenuesEuro ml.

| 8 |

2009

+9.7%

3,239.0

3,552.6

2010

MEDIASET GROUP | Consolidated Core Channels advertising revenuesEuro ml.

| 9 |

MEDIASET | Mediaset Premium resultsEuro ml.

2009

+24.9%560.6

2010

700.4

Mediaset Premium total revenues

2009

+57.1%

337.1

2010

529.6

Mediaset Premium Pay TV revenues

| 10 |

MEDIASET | Strategic focus on Italian content Box office revenues, Euro ml.

Che bella giornata

Benvenuti al sud

La banda dei babbi di Natale

Immaturi

Femmine contro maschi

A Natale mi sposo

MEDIASET

43.4

29.8

21.5

15.1

11.6

8.2

Che bella giornata

Benvenuti al sud

La banda dei babbi Natale

Natale in Sud Africa

Harry Potter e i doni della morte

Qualunquemente

Immaturi

Maschi contro femmine

Femmine contro maschi

The Tourist

TOTAL MARKET

43.4

29.8

21.5

18.6

17.6

15.8

15.1

13.6

11.6

11.2

129.6

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

1.

2.

3.

4.

5.

6.

Source: Cinetel (Period: October 2010 – current)

| 11 |

2009

+29.3%

272.4

352.2

2010

MEDIASET GROUP | Consolidated Net profitEuro ml.

| 12 |

100% 22% 56%22%

Free Float

39.5% 41.6% 17.3%

Telecinco treasury shares: 1.6%

MEDIASET GROUP | 2010, the transaction in Spain

| 13 |

Mediaset next strategic challenges

| 14 |

Free-to-air TV

| 15 |

87.386.9

86.2

66.7

2006 201020082007 2009

75.1 71.0

76.6

68.1

69.1

55.9 BBC1, BBC2, ITV1, Channel 4, Five

TF1, France2, France3, Canal+, M6, France5/Arte

La1, La2, A3, 4, T5, 6, Autonomicas

Rai1, Rai2, Rai3, C5, I1, R4, La7

RTL, ZDF, Ard, Pro7, Sat1, Kabel1

AUDIENCE FRAGMENTATION | A European trend

Multichannel penetration

in Italy

Generalist channels audience (%)

85%

Source: elaborations on e-Media Institute, Barb (UK), Mediamétrie (FR), Kantar Media (ES), Auditel (IT) data

| 16 |

ITALIAN TV MARKET | Total audience evolutionIndividuals; 24 hours

2006/07

+1.5%

2010/11

47.6

48.6

2006/07

+7.6%

2010/11

249

268

Reach (ml. Individuals) TV Consumption (average minutes per day)

Source: Auditel, September-February

Total Audience: +9.8%

| 17 |

ITALIAN TV MARKET | Audience in the multichannel environment15-64 yrs; 24 hours

RAI

3.9

32.7 R1+R2+R3

FTAmultichannel

MEDIASET

5.3

36.1 C5+I1+R4

FTA+Paymultichannel

SKYOTHERS

8.7%13.3%

36.6%

41.4%42.3%

MEDIASET

2006/7 2010/11

Source: Auditel, September-February

| 18 |

Italian TV market | Mediaset audience

2006/07 2‘593‘81142.3

2010/11 2’763‘75641.4

Average Minute Rating (AMR)% Share

24 hours, 15-64 yrs

Source: Auditel, September-February

| 19 |

MEDIASET EDITORIAL STRATEGY | Channel ranking24 hours

15/64

Canale 5 19.4Rai 1 16.1

Italia 1 10.3Rai 2 8.8

Rai 3 7.9Rete 4 6.1

La7 3.1

15/34

Canale 5 20.9Italia 1 14.6

Rai 1 12.0Rai 2 7.2

Rai 3 5.4Rete 4 4.9

La7 2.2

Rai 1 27.8Canale 5 17.1Rai 3 11.6Rai 2 9.5

Rete 4 9.1La7 4.5

Italia 1 4.0

55+

Source: Auditel, September-February

| 20 |

4/14

Boing 6.7K2 4.2Rai Yoyo 2.7Disney Channel 2.5

Rai Gulp1.6

Playhouse Disney

1.6Nickelodeon

1.4

Cartoon Network1.0Frisbee 1.0

Disney XD 0.9

15/64

La5 1.1Rai 4 1.1Iris 0.9

Boing 0.9Mediaset Extra 0.8Real Time 0.7Fox Crime 0.7

Premium Calcio 0.6Rai Premium 0.6SkySport 1 0.6

Female 15/44

La 5 1.8Boing 1.7Rai 4 1.2Rai Yoyo 1.1Real Time 1.1

Mediaset Extra 0.9Rai Premium0.8

K2 0.7Fox 0.7Iris 0.6

Male 55+

Iris 1.0Rai 4 0.8Premium Calcio 0.6Rai News 0.6Rai Movie 0.6Sky Sport 1 0.5Fox Crime 0.5La 5 0.4Rai Sport 1 0.4Rai Storia 0.3

Source: Auditel, September-February

MEDIASET EDITORIAL STRATEGY | Multichannel positioning24 hours

| 21 |

1. Increase volume of exclusive content to keep our FTA core channels offer unique

2. Strengthen our multichannel offer adding new thematic channels, complementary to the core channels, with a more focused and valuable target audience at low marginal costs

3. Keep on improving efficiency; since 2001 Mediaset FTA total TV costs have decreased in real terms year by year

MEDIASET FTA TV | Strategy in the new scenario

Medium-long term industrial approach

• Audience fragmentation is an ongoing international trend and many broadcasters are facing it with severe programming cost cutting measures

• Such a reaction can result in a dangerous collision between cyclical and structural changes

• This is why Mediaset has decided to implement a different strategy

Aimed to preserve and consolidate the editorial and commercial value of our FTA channels

| 22 |

Pay TV – Mediaset Premium

| 23 |

MEDIASET PAY TV | Mediaset Premium evolution

2009 20102008 March 201120072006

2,918,000

3,726,000

3,875,0004,200,000

2,069,0001,560,000

60 80 94 12647ARPU

1,900,000 subscribers

(Easy-pay clients)

Active users

| 24 |

Mediaset Premium

Market

Market (excluding Mediaset Premium)

PAY TV MARKET IN ITALY | 2008-2010 trend

Revenues growth rate

Source: elaboration on Global Entertainment and Media Outlook 2010-14 data (PricewaterhouseCoopers)

+140%

+7%

-2%

| 25 |

MEDIASET PAY TV | Mediaset Premium “Over the Top” offer

Offering more than 1,000 different content options, including those in HD

Selection of more than 200 films updated daily

Exclusive TV series from Mediaset Premium bouquet

Documentaries and kids’ programmes

Mediaset channelsʼ programmes of the last seven days (catch-up TV)

You can also rent, simultaneously with their DVD release, the best films

from the majors, including those in HD

| 26 |

The Group’s points of strength We have reacted to fragmentation with a FTA TV offer that combines generalist and

thematic channels and it has been able to increase contacts and audience share as compared to the pre-multichannel era

Programming costs have declined in real terms over the last 10 years

We have launched an innovative pay TV model that has already over 4 million active clients and about 2 million subscribers, steadily growing

We have launched an innovative non-linear “Over the top” TV service that will allow Mediaset to anticipate the future of TV and to maintain a strong position vis-à-vis international competitors (Google, Apple, etc.)

The TeleCinco transaction reinforced further our leadership position in Spain and has already created value for Mediaset shareholders

We distribute to our shareholders profits among the highest in Europe in the broadcasting sector

Today Mediaset has a new dimension:It is aimed towards the future with a long term strategic approach

| 27 |

CEOGiuliano Adreani

| 28 |

Source: Nielsen

ITALY | Advertising market trend excluding MediasetVar % 2010 vs. 2009

Q1 Q2 Q3 Q4

+4.4%+4.1%

+1.9%

-0.3%

| 29 |

+3.4%Total market *

Press, o/w:-4.3%

-3.6%

- Magazines-5.4%

Mediaset

+2.8%

+2.5%Total market excluding Mediaset

- Newspapers * *

RAI

+5.0%

* Excluding cards, direct mail, out of home TV* * Including free press Source: Nielsen, Jan./Dec. 2010

ITALY | Advertising market trendVar % 2010 vs. 2009

| 30 |

MEDIASET | Core channels advertising revenues

2009 2010

2,633.72,760.7

+127.0

(Euro ml.)

| 31 |

MEDIASET | Core channels advertising trend by quarterVar % 2010 vs. 2009

Q1 Q2 Q3 Q4

+5.2%+5.4%

+4.1% +4.3%

| 32 |

MEDIASET | Advertising trend: groceryVar % 2010 vs. 2009

Food & Beverage

Food

Beverage

No food

Personal care

Housekeeping

Toiletries

+10.1%

+5.5%

+19.9%

+7.7%

+4.4%

2010 vs. 2009

| 33 |

+10.6%Mediaset

Press

RAI +1.4%

-2.7%

+21.1%Mediaset

Press

RAI +2.7%

+3.4%

Food & Beverage Personal care

Source: Nielsen

ITALIAN ADVERTISING MARKET | Sectors’ trendVar % 2010 vs. 2009

| 34 |

+8.7%Mediaset

Press

RAI -4.7%

-14.3%

Automotive

+24.0%Mediaset

Press

RAI +8.1%

-0.4%

Clothing

ITALIAN ADVERTISING MARKET | Sectors’ trendVar % 2010 vs. 2009

Source: Nielsen

| 35 |

MEDIASET | Advertising trend: new clients

1,034

241

Active clients

New clients

81 Euro ml.Revenues from new clients

16%

14%

Clothing

Food

9%Retail

Weight (% on total)

| 36 |

MEDIASET | Digitalia total revenues

112 Euro ml. +67%* vs 2009

* TV, Mediavideo and Sport

| 37 |

MEDIASET | Digitalia TV advertising revenuesVar % 2010 vs 2009

2009 2010

30.1

10.5

40.6Multichannel Free

Multichannel Pay

+142%

(Euro ml.) 98.3

32.6

65.7

| 38 |

MEDIASET | Total advertising revenues * Var % 2010 vs 2009

(Euro ml.)

2009 2010

2,674

2,864

+7%

* Publitalia + Digitalia TV + Video Mediaset

+190

| 39 |

2011: NEW COMMERCIAL STRATEGY

| 40 |

Core channels + Multichannel

MEDIASET | Publitalia new FTA multichannel commercial offerSince January 2011

| 41 |

CFOMarco Giordani

| 42 |

MEDIASET GROUP | P&L Consolidated Results

NET CONSOLIDATED REVENUES

EBIT

NET PROFIT (Reported)

Adjusted NET PROFIT *

2009 % Var(Euro ml.)

* Excluding the Net Impact of the amortization of the Endemol PPA and the write-off of the investment in Edam

4,292.5

815.5

352.2

431.6

3,882.9

601.5

272.4

326.7

2010

+10.5%

+35.6%

+26.4%

+32.1%

| 43 |

2010 RESULTS | Italian Business

| 44 |

3,438.3(452.7)

(1,368.6)

1,616.9(859.9)

(160.9)

596.1(28.0)

(5.0)

563.1(212.9)

37.8%

350.1

Net Consolidated RevenuesPersonnel Costs

Other Operating Costs

EBITDARights Amortisation

Other Amortisation & Depreciation

Operating ProfitFinancial Income (Losses)

Associates

Pre-Tax ProfitTaxes

Tax rate

NET PROFIT

2009 2010(Euro ml.)

MEDIASET ITALIAN BUSINESS | P&L Results

+6.5%

+8.5%

+24.5%

+26.4%

+30.1%

% Var

3,228.8(426.7)

(1,311.9)

1,490.2(865.3)

(146.2)

478.7(32.0)

(1.2)

445.5(166.7)

37.4%

269.0

| 45 |

FTA TV

Network Operator

Pay TV

Other Activities

Intra-company Eliminations

Adjustments

TOTAL

Total NetRevenues

2,462.6

203.7

700.4

333.4

(137.8)

(123.9)

3,438.3

OperatingProfit

581.8

(0.5)

(0.3)

39.8

-

(24.8)

596.1

(Euro ml.) Total Costs(including D&A)

(1,880.7)

(204.2)

(700.7)

(293.5)

137.8

99.0

2,842.4

MEDIASET ITALIAN BUSINESS | Operations Breakdown

| 46 |

(Euro ml.)

Total Net TV RevenuesFTA TV Advertising Revenues

o/w Multichannel Advertising Revenues

Commissions

Other TV Revenues

Taodue intra-company revenues

Net Intra-company Items

Total TV CostsPersonnel

TV Operating Costs

TV Rights Amortisations

Other D&A

Net Intra-company Items

FTA TV Operating Profit

margin

20102009

2,369.42,644.0

10.3

(392.1)

99.8

10.5

7.2

(1,854.7)(353.7)

(744.5)

(600.1)

(77.4)

(79.0)

514.821.7%

MEDIASET ITALIAN BUSINESS | FTA TV

2,462.62,792.7

31.9

(415.1)

76.1

5.5

3.5

(1,880.7)(377.3)

(782.4)

(565.6)

(58.9)

(96.5)

581.823.6%

| 47 |

Total Net Revenues3° Party Revenues

Other Revenues

Net intra-company Items

Total CostsPersonnel

Other Operating Costs

Other Amortisation & Depreciation

Network Operator Operating Profit

20102009(Euro ml.)

203.762.5

7.4

133.7

(204.2)(37.3)

(101.1)

(65.7)

(0.5)

MEDIASET ITALIAN BUSINESS | Network Operator

219.087.4

6.2

125.4

(196.3)(35.9)

(102.2)

(58.3)

22.7

| 48 |

Total Net Pay TV Revenues

Pay TV Revenues

Advertising Revenues

Other Revenues

Commissions

Total Pay TV CostsPersonnel

Other Operating Costs

Rights Amortisations and Other D&A

Net intra-company items

Pay TV Operating Profit

20102009(Euro ml.)

700.4

473.7

65.5

170.8

(9.6)

(700.7)(17.7)

(334.4)

(314.4)

(34.3)

(0.3)

MEDIASET ITALIAN BUSINESS | Pay TV

560.6

311.5

29.8

223.5

(4.2)

(631.5)(14.6)

(300.0)

(267.0)

(49.9)

(70.8)

| 49 |

354.9101.2

124.4

20.5

61.2

39.8

7.9

(319.3)(22.7)

(166.1)

(118.9)

(11.6)

35.710.1%

Total Net RevenuesMedusa 3° Party revenues

Medusa intra-company revenues

Multimedia

Mediashopping

Other Non-TV Revenues

Net Intra-company Items

Total CostsPersonnel

Other Operating Cost

Right Amortisations and Other D&A

Net Intra-company Items

Other Activities Operating Profitmargin

20102009(Euro ml.)

333.4102.8

118.4

19.8

61.7

30.0

0.6

(293.5)(20.4)

(152.1)

(114.0)

(7.1)

39.813.6%

MEDIASET ITALIAN BUSINESS | Other Activities

| 50 |

20102009

1,145.1 777.8

(Euro ml.)

75.1 68.4

491.3 69.3

47.8 72.7

567.4 *530.9 *

TV rights and cinema

Pay TV rights

DTT

Technical & immaterial

Total Investments

* Including Medusa TV Rights investment (€123.5 ml. in 2009 and €97.5 ml. in 2010)

MEDIASET ITALIAN BUSINESS | Investments

| 51 |

Net Financial Position (01/01)

Free Cash Flow from Core Activities

- Cash Flow from Operations

- Investments

- Disinvestments

- Change in Net Working Capital (CNWC)

Equity (Investments)/Disinvest.

Free Cash Flow

Change in consolidation area

Cashed-in Dividends

Dividends

Total Net Cash Flow

Net Financial Position (31/12)

GROUP Net Financial Position (31/12)

20102009(Euro ml.)

(1,396.0)

374.01,383.8

(777.8)

1.9

(233.9)

(301.3)

72.7

-

27.4

(266.3)

(166.2)

(1,562.2)

(1,590.2)

MEDIASET ITALIAN BUSINESS | Cash Flow Statement

(1,345.8)

259.01,321.7

(1,145.1)

2.2

80.2

(14.1)

244.9

26.7

110.1

(431.9)

(50.2)

(1,396.0)

(1,552.0)

| 52 |

259.0

* To be approved by AGM, 20th April 2011; treasury shares are not eligible to receive dividends

MEDIASET GROUP | Dividend policy

2004 2005 2006 2007 2008

Net Profit (Euro ml.) 549.6 603.4 505.5 506.8 459.0

Earnings per Share (Euro) 0.47 0.53 0.44 0.45 0.40

Recurring FCF (Euro ml.) 466.9 478.6 517.6 471.8 416.5

Dividends 448.8 489.3 488.8 489.5 431.8

Dividend per Share (Euro) 0.38 0.43 0.43 0.43 0.38

Dividend/Recurring FCF 96% 102% 94% 104% 104%

Pay-out Ratio 82% 81% 97% 97% 94%

(Euro ml.)

2009

272.4

0.24

266.3

0.22

97%

92%

352.2

0.31

401.4

*397.7

0.35

99%

113%

*

2010

| 53 |

MEDIASET GROUP | Back up Slides

| 54 |

(1,371.7)

354.1

1,627.2

(1,319.4)

6.5

39.8

(2.9)

(28.0)

(530.3)

26.7

(180.3)

(1,552.0)

Net Financial Position (01/01)

Free Cash Flow

- Cash Flow from Operations

- Investments

- Disinvestments

- Change in Net Working Capital (CNWC)

Change in equity (incl. Buyback Program)

Equity (Investments)/Disinvest.

Dividends (paid and received)

Change in consolidation area

Total Net Cash Flow

Net Financial Position (31/12)

20102009(Euro ml.)

(1,552.0)

570.6

1,774.3

(932.8)

5.1

(276.1)

243.5

(603.8)

(286.3)

37.8

(38.2)

(1,590.2)

MEDIASET GROUP | Consolidated Cash Flow

| 55 |

2,598.0

512.4

956.8

233.8

(210.7)

4,090.3

2,331.8

206.5

2,538.3

(1,552.0)

Television Rights

Goodwill and consolidation differences

Other tangible and intangible assets

Financial assets

Net working capital & other assets/liabilities

Net Invested Capital

Group shareholders’ equity

Minority interests

Net assets

Net financial position

2009(Euro ml.)

MEDIASET GROUP | Consolidated Balance Sheet

2,396.7

1,043.9

1,027.1

641.0

(83.2)

5,025.3

2,617.8

817.3

3,435.1

(1,590.2)

2010

| 56 |

2,419.1

149.3

888.6

714.6

(242.6)

3,929.0

2,471.2

61.8

2,533.0

(1,396.0)

Television Rights

Goodwill and consolidation differences

Other tangible and intangible assets

Financial assets

Net working capital & other assets/liabilities

Net Invested Capital

Group shareholders’ equity

Minority interests

Net assets

Net financial position

2009(Euro ml.)

MEDIASET ITALIAN BUSINESS | Balance Sheet

2,174.2

143.6

929.9

963.4

(47.8)

4,163.3

2,600.0

1.1

2,601.1

(1,562.2)

2010

| 57 |

272.4

64.2

(31.3)

21.4

326.7

MEDIASET GROUP | Net Profit Adjustment

NET PROFIT (Reported)

Edam Adjustments from Telecinco*

Telecinco Minorities

Net Edam Adjustments*

Adjusted NET PROFIT

352.2

93.9

(45.8)

31.3

431.6

(Euro ml.) 20102009

* Excluding the Net Impact of the amortization of the Endemol PPA and the write-off of the investment in Edam.

| 58 |

MEDIASET SPANISH BUSINESS | Back up Slides

| 59 |

656.3

(79.5)

(284.9)

291.8

(169.1)

122.8

3.2

(123.1)

2.8

24.1

48.4

112.6

855.1

(89.9)

(392.6)

372.6

(153.2)

219.4

3.1

(186.0)

36.5

-

70.5

164.4

TELECINCO | P&L Results

Net Consolidated Revenues

Personnel Costs

Other Operating Costs

EBITDA

Amortisation & Depreciation

EBIT

Financial Income (Losses)

Associates

Pre-Tax Profit

Taxes

NET PROFIT Reported

NET PROFIT Adjusted*

2009 2010(Euro ml.)

* Excluding the Net Impact of the amortization of the Endemol PPA and the write-off of the investment in Edam.

| 60 |

20102009

159.3 119.7

5.2 10.1

TV rights

Tangible & Intangible Fixed Assets

Total Investments

TELECINCO | Investments

174.2 155.0*

(Euro ml.)

9.8 25.2Co-production & Distribution

* Excluding Cuatro’s library

| 61 |

(25.8)

95.2

305.5

(169.9)

(40.4)

(2.9)

(13.8)

1.8

(210.3)

-

(130.2)

(156.0)

TELECINCO | Cash Flow Statement

Net Financial Position (01/01)

Free Cash Flow

- Cash Flow from Operations

- Investments/Disinvestment

- Change in Net Working Capital (CNWC)

Change in Equity

Equity (Investments)/Disinvest.

Cashed in Dividends

Dividends

Change in consolidation area

Total Net Cash Flow

Net Financial Position (31/12)

(156.0)

196.6

390.6

(151.8)

(42.2)

499.2

(558.2)

1.0

(48.4)

37.8

128.0

(28.1)

(Euro ml.) 2009 2010

| 62 |

Forward-looking StatementsStatements contained in this document, particularly the ones regarding any Mediaset Group possible or assumed future performance, are or may be forward looking statements and in thisrespect they involve some risks and uncertainties.

Mediaset Group actual results and developments may differ materially from the onesexpressed or implied by the above statements depending on a variety of factors.

Any reference to past performance of Mediaset Group shall not be taken as an indication of future performance.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein.

The executive responsible for the preparation of the Mediaset S.p.A. accounts, Andrea Goretti, declares that, as per para. 2 art. 154-bis, of the “Testo Unico della Finanza”, that the accounting information contained in this document corresponds to that contained in the company’s books.

Investor Relations Department:

Tel: +39 02 2514.7008Fax: +39 02 2514.6719Email: ir@mediaset.itWebSite: www.mediaset.it/investor/